Question 6 The following are independent situations. Sales $650,500; Accounts receivable increased by $27,500. Calculate cash receipts from sales. Cash receipts from sales $ 62 623,000 Cost of goods sold = $430,000; inventory decreased by $75,000; accounts payable decreased by $28,500. Calculate cash payments for purchases. Cash payments for purchases 383,500 The Income statement shows $12,500 in income taxes. The balance sheet shows an increase in taxes payable of $1,500. Calculate the cash paid for income taxes. Cash paid for income taxes 11,000